Myomo (NYSEAMERICAN:MYO) Trading Up 1.9% – Still a Buy?

Myomo, Inc. (NYSEAMERICAN:MYO) shot up 1.9% on Tuesday . The company traded as high as $0.95 and last traded at $0.94. 912,159 shares changed hands during trading, an increase of 80% from the average session volume of 506,782 shares. The stock had previously closed at $0.9228.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets cut their price objective on Myomo from $10.50 to $10.00 and set a “buy” rating for the company in a research report on Friday, November 21st. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Myomo has a consensus rating of “Buy” and a consensus price target of $7.67.

Myomo Trading Up 1.9%

The business has a fifty day moving average price of $0.95 and a 200-day moving average price of $1.12. The company has a quick ratio of 2.10, a current ratio of 2.49 and a debt-to-equity ratio of 0.17. The company has a market cap of $36.13 million, a P/E ratio of -3.24 and a beta of 1.05.

Myomo (NYSEAMERICAN:MYO) last announced its earnings results on Monday, November 10th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. The company had revenue of $10.09 million for the quarter, compared to analyst estimates of $9.44 million. Myomo had a negative return on equity of 61.14% and a negative net margin of 28.86%. On average, analysts forecast that Myomo, Inc. will post -0.18 earnings per share for the current year.

Hedge Funds Weigh In On Myomo

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its stake in Myomo by 93.6% in the 3rd quarter. Bank of America Corp DE now owns 30,412 shares of the company’s stock worth $27,000 after purchasing an additional 14,705 shares in the last quarter. R Squared Ltd bought a new position in shares of Myomo during the second quarter worth approximately $29,000. Summit Financial Strategies Inc. increased its holdings in shares of Myomo by 50.0% during the second quarter. Summit Financial Strategies Inc. now owns 15,000 shares of the company’s stock worth $32,000 after purchasing an additional 5,000 shares during the period. Invesco Ltd. acquired a new stake in shares of Myomo in the second quarter valued at approximately $37,000. Finally, Intech Investment Management LLC bought a new stake in shares of Myomo in the second quarter valued at approximately $38,000. 44.99% of the stock is currently owned by institutional investors and hedge funds.

About Myomo

Myomo, Inc (NYSE American: MYO) is a medical robotics company specializing in developing and commercializing powered orthotic devices designed to restore mobility and function for individuals with upper-limb weakness. The company’s flagship product, the MyoPro®, is an FDA-cleared, wearable robotic orthosis that leverages proprietary sensors and actuators to detect and amplify users’ own muscle signals, enabling patients with conditions such as stroke, spinal cord injury, muscular dystrophy and other neuromuscular disorders to perform daily activities with greater independence.

Myomo markets the MyoPro through a network of licensed orthotic and prosthetic professionals, clinics and hospitals across North America.